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UK House Price Index – National Statistic status achieved

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UK House Price Index – National Statistic status achieved

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Latest news in Yorkshire: September 19, 2018 09:31:25 AM

House prices often spark lively debates at the dinner table, in bars or even
on your commute. Everyone can search websites and see homes for sale at a
variety of prices in any given area, but how do you find information on the
average price they have sold for? That’s where the UK House Price Index (UK
HPI) comes in.

With the UK HPI you can start with the average price, not the asking price.
The data is supplied using the actual price paid for individual properties
across the whole of the United Kingdom. The UK HPI has no bias. It uses
housing market data to provide a transparent view of the housing market. The
National Statistics badge indicates that the index has been independently
assessed and meets the highest standards of trustworthiness, quality and
value as defined in the Code of Practice for Statistics.

Achieving National Statistic status

It is a major achievement to be awarded National Statistic status from the
Office for Statistics Regulation.

The UK HPI is unique as a cross-government production by HM Land Registry,
Land and Property Services Northern Ireland, the Office for National
Statistics and Registers of Scotland, working together to create a dataset
that contains information on registered residential property transactions
that includes sales volumes, average prices by property type and
cash/mortgage sales.

Who are our users?

As you all know, the national and local press regularly use UK HPI data when
writing articles on property prices and matters concerning the property
market. Housing market expert Henry Pryor said:

I find what you do with the UK HPI to be fantastic.

The Bank of England, the Treasury and other government departments use the
data to help form policy decisions.

Where we began

The UK HPI was launched in June 2016 as an experimental statistic. User
testing has been fundamental in creating and improving this release. In
September 2016, users of the index were invited to complete a questionnaire
to help evaluate various aspects of the report and associated data to
improve the customer use.

Further user events were held in England, Wales, Scotland and Northern
Ireland, as well as direct calls and emails from stakeholders, which
provided regular feedback and all fed into a final development phase
implemented in January 2018.

The future

While achieving this statistical landmark is amazing, it doesn’t stop us
from getting better. We have a programme of research and development aimed
at improving and maintaining the UK HPI which forms our development plan.
This ensures we continue to meet user needs, make use of new and innovative
methods and are compliant with international standards.

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